1. The statement of financial position of Fateh Enterprise, a sole trader, for two successive years are shown below. Statement of Financial Position as 31 December 2019 2020 RM RM RM RM Non Current Asset Land and premises (cost RM52,000) Plant and machinery: (Cost RM19,000) (Cost RM25,000) 44,000 40,000 14,250 19,600 59,600 58,250 Current Asset Inventory Trade account receivable 6,600 17,800 6,300 12,600 Bank 7.100 24.400 82.650 26.000 85.600 FINANCED BY : Capital account: Balance at 1 January Add: Net Profit for the year 42,000 47,000 18,000 22,000 60,000 (13,000) 47,000 69,000 Less:Drawing (15,000) 54,000 Current Liabilities Trade account payable Bank overdraft 22,000 11,600 13,650 35,650 11,600 Non Current Liabilities Loan(repayable December 2022) 20.000 85.600 82.650

1. The statement of financial position of Fateh Enterprise, a sole trader, for two successive years are shown below. Statement of Financial Position as 31 December 2019 2020 RM RM RM RM Non Current Asset Land and premises (cost RM52,000) Plant and machinery: (Cost RM19,000) (Cost RM25,000) 44,000 40,000 14,250 19,600 59,600 58,250 Current Asset Inventory Trade account receivable 6,600 17,800 6,300 12,600 Bank 7.100 24.400 82.650 26.000 85.600 FINANCED BY : Capital account: Balance at 1 January Add: Net Profit for the year 42,000 47,000 18,000 22,000 60,000 (13,000) 47,000 69,000 Less:Drawing (15,000) 54,000 Current Liabilities Trade account payable Bank overdraft 22,000 11,600 13,650 35,650 11,600 Non Current Liabilities Loan(repayable December 2022) 20.000 85.600 82.650

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Description: 1. The statement of financial position of Fateh Enterprise, a sole trader, for twosuccessive years are shown below.Statement of Financial Position as 31 December20192020RMRMRMRMNon Current AssetLand and premises (cost RM52,000)Plant and machinery:(C

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Depreciation Methods

The word "depreciation" is defined as an accounting method wherein the cost of tangible assets is spread over its useful life and it usually denotes how much of the assets value has been used up. The depreciation is usually considered as an operating expense. The main reason behind depreciation includes wear and tear of the assets, obsolescence etc.

Depreciation Accounting

In terms of accounting, with the passage of time the value of a fixed asset (like machinery, plants, furniture etc.) goes down over a specific period of time is known as depreciation. Now, the question comes in your mind, why the value of the fixed asset reduces over time.

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Question

1. The statement of financial position of Fateh Enterprise, a sole trader, for two
successive years are shown below.
Statement of Financial Position as 31 December
2019
2020
RM
RM
RM
RM
Non Current Asset
Land and premises (cost RM52,000)
Plant and machinery:
(Cost RM19,000)
(Cost RM25,000)
44,000
40,000
14,250
58,250
19,600
59,600
Current Asset
Inventory
Trade account receivable
Bank
6,600
17,800
6,300
12,600
7.100
24.400
82.650
26.000
85,600
FINANCED BY :
Capital account:
Balance at 1 January
Add: Net Profit for the year
42,000
18,000
47,000
22,000
60,000
(13,000)
47,000
69,000
(15,000)
54,000
Less:Drawing
Current Liabilities
Trade account payable
Bank overdraft
22,000
13,650
11,600
35,650
11,600
Non Current Liabilities
Loan(repayable December 2022)
20.000
85.600
82,650
Required:
Prepare statement of cash flow for Fateh Enterprise for the year ended 31 December
2020.

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1. The statement of financial position of Fateh Enterprise, a sole trader, for two successive years are shown below. Statement of Financial Position as 31 December 2019 RM 2020 RM RM RM Non Current Asset Land and premises (cost RM52,000) Plant and machinery: (Cost RM19,000) (Cost RM25,000) 44,000 40,000 14,250 19,600 58,250 59,600 Current Asset Inventory 6,600 17,800 6,300 12,600 7,100 Trade account receivable Bank 24.400 82,650 26.000 85,600 FINANCED BY : Capital account: Balance at 1 January Add: Net Profit for the year 47,000 22.000 42,000 18.000 60,000 (13,000) 47,000 69,000 (15,000) 54,000 Less:Drawing Current Liabilities Trade account payable Bank overdraft 22,000 13,650 11,600 35,650 11,600 Non Current Liabilities Loan(repayable December 2022) 20.000 85,600 82,650 Required: Prepare statement of cash flow for Fateh Enterprise for the year ended 31 December 2020.
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